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How to send a large money transfer abroad
Your bank might be more convenient, but international money transfer specialists probably offer a better deal.
It’s actually much easier than it seems to send a large money transfer abroad. Banks can be helpful, but they also tend to charge high fees and offer poor rates. Specialist money transfer providers will give you better rates and lower fees.
But there are other alternatives, and the best way deto send money will depend on your specific situation. Taking things like speed, tax regulations, fees and more into consideration is also important when making your decision.
What are my options for sending a large money transfer overseas?
- International money transfer specialist
- Cash-to-cash transfers
- Bank-to-bank transfers
- International banker’s draft
- Cryptocurrency
1. International money transfer specialist
International money transfer providers exist to make the process of sending money overseas faster and more straightforward. They often offer some of the most competitive exchange rates for your large money transfer, and many charge far lower fees than what you’ll find at your bank.
Pros
- Typically cheaper and faster than bank transfers.
- Diverse payment options, including payment by credit card, debit card, bank account and more.
- Many transfer specialists offer step-by-step guidance for the entire process.
- Can be sent entirely online.
Cons
- Many options exist, so finding the best one may seem tricky.
- Some money transfer specialists don’t have transparent fees and exchange rates.
- You have to trust a company with your money, so vetting them is important.
Compare money transfer specialists
Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
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2. Cash-to-cash transfers
Being able to send money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient doesn’t have a bank account to receive a large money transfer. Companies that offer cash-to-cash transfers include Ria Money Transfer, MoneyGram, Western Union and more.
Pros
- Recipient doesn’t need a bank account.
- Sender doesn’t need a bank account.
- Cash transfers often get there faster than bank-to-bank transfers.
Cons
- Most cash-to-cash specialists have a maximum sending limit.
- Large amounts of cash will need to be picked up by the recipient, which could be dangerous.
- Higher fees are typically applied to cash-to-cash transfers, compared to using an international money specialist that transfers to a bank account.
3. Bank-to-bank transfers
Most banks are able to initiate an overseas transfer, but they tend to be the most expensive option. For small transfers, the familiarity and ease of using your local bank can be worth the fees and unfavourable exchange rate, but for a large money transfer, you’ll see a noticeable chunk taken from your transfer.
Pros
- You already trust your bank with your money.
- You can initiate the transfer online, in person or by phone.
- You don’t have to trust any companies with your money.
Cons
- More expensive than other options.
- Usually much slower than other options.
- Have to pay with funds that are already in your bank account.
4. International banker’s draft
An international banker’s draft is issued by a bank on behalf of the payer and allows another bank, typically in another country, to draw funds directly from the issuing bank. International banker’s drafts can be drawn in a foreign currency, removing the need to speculate on future exchange rates, as funds are immediately converted when the international draft is created.
Pros
- Accepted in many parts of the world.
- Relatively cost effective when compared to wire transfers between international banks.
- Can only be cashed at a bank by the person listed on the international bank draft.
Cons
- Slow, as they have to be physically sent or hand delivered between countries.
- Your bank might not support the currency and country you want to send the draft to.
- Difficult and time consuming to replace if lost or stolen.
5. Cryptocurrency
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrency exchanges will also let you trade cryptocurrency for fiat currency, such as pound sterling or euros. That means it’s possible to exchange pound sterling for a cryptocurrency, like Bitcoin, and then trade your cryptocurrency for a different fiat currency, like euros. But that doesn’t mean it’s a simple process.
Pros
- You can send money directly to your recipient’s cryptocurrency wallet address, removing the need for companies as intermediaries.
- Your transaction can’t be cancelled.
Cons
- Requires a lot of technical know-how to avoid errors.
- Prices can be volatile, so you could lose a lot of it in a large money transfer if the price of the cryptocurrency you’re using as an intermediary drops.
- Depending on the route you use, there may be many fees to pay.
Cryptocurrency for international money transfers: How it works
The basic process for transferring money overseas using cryptocurrency is:
- Transfer funds to an online cryptocurrency exchange.
- Use your local currency to buy cryptocurrency, which goes into a digital wallet.
- Sell your cryptocurrency for a foreign currency.
- Withdraw your funds from the exchange platform.
You’ll probably encounter percentage-based fees at each step, making cryptocurrency an expensive way to send a large money transfer .
Which option is best?
The best option, of course, depends on your specific circumstances. But, while using your bank is convenient, overall using a money transfer specialist may end up being your least expensive option and offer stronger exchange rates. To get a baseline of what your large money transfer could cost, compare a few different money transfer providers.
Frequently asked questions
Can I send cash internationally?
Technically yes, but you shouldn’t. Sending cash in the mail is extremely unsafe and risky, as there is absolutely no guarantee that it will reach your recipient. Also, posting large amounts of cash through the mail could get you in trouble with the HMRC if it isn’t properly declared.
Is my money safe?
All providers we link to are either FCA-authorised or FCA-registered, meaning that your money has a degree of protection from when it’s sent to when it has arrived. These companies are used to handling millions, sometimes even billions, of pounds each year, and can be trusted to get your money from A to B quickly and securely. For more information on this, see our page on FCA authorisation.
Can I bring large sums of cash to another country?
Yes, if you want to skip the transfer specialists you can bring cash to another country. But you’ll need to check that country’s laws for any limits on how much cash you can bring into the country, and you’ll probablly need to declare it at customs. Be aware that neglecting to declare large sums of cash at customs can result in legal trouble, and both you and your recipient might need to file taxes declaring the transfer of cash funds.
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Ask an Expert
Who is your agent in Margao, Goa please ? How many pounds will my relative in UK get for Rs 5 lakhs and how many days will it take for the transfer please ?
Hi Luciano,
Thank you for getting in touch with finder.
500,000 Indian Rupees is equivalent to 5,373.17 British Pounds.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
In this page, you’ll see list of money transfer providers that you can choose to have your transaction with. You can contact these providers directly if they can assist you sending your money to Margao, Gao in India. All providers we link to are either FCA authorised or FCA registered, meaning that your money has a degree of protection from when it’s sent to when it has arrived. Most providers can realistically deliver your funds within a day, though allowing for 2-3 days is advised.
I hope this helps.
Have a great day!
Cheers,
Jeni